Guys, I land on the side of the emulators on this one. I make it a point not to pick up a game less than 10 years old, since those are economically viable.
However, there were hundreds of games created for some consoles that I never saw. The translated versions of Japanese games is a plus, since we English speaking people would never have gotten to play them at all. When a company re-releases a title, it's usually because it was a good seller, what about the others that sold average or marginally? They won't be re-released. Also, some of these companies are no longer in existence, who is going to sue?
How is this different from taping songs off the radio? For that matter, isn't this like the secondary market for the games? If I sold, or even gave, my game to another person, I didn't pay royalties to the creating company. Did they lose money? Actually they received some exposure to another person, so they have a reputation for their next game release.
May $.02, worth what you paid for it.